The second bill changes the amount of control the Financial Stability Oversight Council (made up of representatives of other banking agencies) has over the CFPB’s rule-making power. As things stand, the FSOC requires a 2/3 majority vote to override any of the CFPB’s new rules; the proposed legislation would change that to a simple majority.

And then there is the third bill, which prevents the CFPB from gaining any of its most important regulatory authority until after a Bureau head is named.

“These bills put the CFPB on a short leash and will make it harder for this watchdog to protect consumers from hidden bank fees, shady loans, and other financial rip-offs,” said Pamela Banks, Senior Policy Counsel for Consumers Union. “Congress should be standing with consumers not the big banks and Wall Street firms that caused our financial crisis. Americans deserve a real watchdog in Washington to look out for middle class families and rein in abusive financial practices.”